& All & Fees & Local & Central \\
 \cmidrule(lr{0.5em}){3-5} 
 & (1) & (2) & (3) & (4) \\ \midrule
\hspace{0.1cm} Registered ($\beta^{OLS})$&     0.12\sym{***}&     0.00         &     0.03\sym{***}&     0.12\sym{***}\\
                &   (0.02)         &   (0.01)         &   (0.01)         &   (0.01)         \\
\midrule
\hspace{0.1cm} $\widehat{\text{Registered}}$ ($\beta^{IV})$&     0.36\sym{**} &     0.10         &     0.12         &     0.32\sym{**} \\
                &   (0.14)         &   (0.10)         &   (0.10)         &   (0.16)         \\
                &   [0.02]         &   [0.50]         &   [0.30]         &   [0.04]         \\
\midrule DV Mean&     0.18         &     0.05         &     0.04         &     0.11         \\
FS F-statistic  &     43.6         &     43.6         &     43.6         &     43.6         \\
\midrule
$\rho$(Wealth, DV)&     0.29&     0.03&     0.23&     0.33\\
\midrule
Observations    &    11692&    11692&    11692&    11692\\
